ACB potential wave 3 up?Elliott wave counts can be very subjective with some people's counts being completely different. I have two potential counts set up for ACB. My count I'm leaning more towards is the GREEN count.
Following the Green EW count, we see the price come just about to the pink weekly resistance line. In EW theory, wave 3 is the strongest move and known for the "gap up" movements. These gap ups generally occur to break through a resistance line. This makes since and would follow that the pice movement up to weekly resistance would be wave 1 and we are currently in a wave 2 pull back, potentially setting up for a nice wave 3 movement up to break through the weekly bearish resistance line. The green wave 3 projection coincides very well with the weekly Supply zone, potentially indicating where a pull back could occur for green wave 4.
As I said, there are always different counts; or "Alt Counts." The yellow count is just that and also has supporting indications. In favor of the yellow count is the potential of a back to back .618 retraces, which a lot of EW traders like to find and make decisions of entry points from. We can see a yellow wave 2 retrace to .618, meaning we are in yellow wave 3. There has to be 5 waves to make up yellow wave 3, which, this pullback could indicate we are in a smaller degree wave 2 retrace that is just hovering above a .618 retrace that comprises the overall yellow wave 3 movement.
End of day, if going off these counts, both support a movement upward in my opinion.
ACB
Canopy Growth Corp - General Cannabis RunHey looks like CGC, TLRY, ACB and the WEED etf's are starting their general cannabis run. Canopy has come down to it's lows and might be looking to takeoff here, rsi weekly is starting to inflect and macd is crossing over this could run for a long time several months possibly back to 50$ area. Lower time frames are overbought so might see some red to start the week next week. A buy price of 13.00$ would't be too bad. Also check out EDEN.CN on the Canadian Securities Exchange: Eden Empire is a new player in the cannabis space in Canada and the U.S, they are starting grow operations and have chain of dispensaries and are growing and expanding fast! Other's to check out are mentioned above CGC, TLRY, ACB and the WEED etf's.
ca.finance.yahoo.com
ca.finance.yahoo.com
Aurora Cannabis Analysis 12.11.2021Hello Traders,
welcome to this free and educational analysis.
I am going to explain where I think this asset is going to go over the next few days and weeks and where I would look for trading opportunities.
If you have any questions or suggestions which asset I should analyse tomorrow, please leave a comment below.
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ACB 4hr setting up for an earnings breakoutVery very bullish on this name and sector. ACB has formed a falling wedge and a rounding bottom consolidation. With earnings on deck, im confidently long given my previous post on this being a similar setup to what we saw in 2015.
DIAMOND HAND IT above 6.61 breakup daily candle.
Is MJ about to get high?Marijuana stocks have been on the decline for a while, but things may soon start turning around.
Last month, the House Judiciary Committee advanced HR 3617 or (MORE) Act of 2021, a bill that repeals the long-standing federal prohibition of marijuana by removing it from the Controlled Substances Act — thereby ending the existing state/federal conflict in cannabis policies and providing state governments with greater authority to regulate marijuana-related activities, including retail sales.
What the MORE Act Does: The legislation’s provisions remove marijuana from the federal Controlled Substances Act — thereby eliminating the existing conflict between state and federal marijuana laws and providing states with the authority to be the primary arbiters of cannabis policy within their jurisdictions.
If passed HR 3617 would facilitate the expungement of low-level federal marijuana convictions, create pathways for ownership opportunities in the emerging regulated industry, and allow veterans to obtain medical cannabis among other things.
Source
I chose MJ to gain exposure to the global cannabis industry.
AUM: 1 Billion
TOP 10 FUND HOLDINGS (%)
Grow Generation Corp: 9.66
Tilray Inc: 9.43
Canopy Growth Corp: 7.80
Aurora Cannabis Inc: 6.61
Cronos Group Inc: 6.42
Hexo Corp: 4.76
Organigram Hldgs Inc: 4.20
Village Farms Intl Inc: 3.92
22nd Centy Group Inc: 3.46
Arena Pharmaceuticals Inc: 3.26
Prospectus
Fact Sheet
Holdings
Technicals
Price action and RSI diverging for the past three months with PA finding support at about $14.00 since the bill was advanced
RSI moving to potentially break above 50 and could correspond to a breakout of the descending wedge
Price holding at about the Fib Extension level of 61.8%, will watch these levels closely as PA advances or declines
The Trade
With confidence that there will be further potential bullish sentiment for the cannabis industry on the horizon, I will be preempting a breakout and taking a position at current levels.
Bull Case
TP1 set at about $17.50
TP2 set at about $25
Anticipate resistance at about $16-$17
Will be watching price action closely below the $17.50 region as a substantial pullback could fill out a possible right shoulder of a head and shoulders pattern before retesting trend line and breaking low.
Bear Case
Price action rejection at resistance level at around $15.50 could push price down and make lower lows on the daily chart
If a price drop occurs, I will be watching for support at around the $13.50 region or Fib 50% level
Will look to exit position if weekly close is below $13.00 with RSI levels pushing down to or below 38.2
Approximate risk of loss on trade from current levels is about 12%-15%
ACB? Investing time?At its now again like always ive been seeing the same price for many many time now and ive been back testing on webull papertrade with 100,000 even before ACB SPLIT and made it 5mil with i understand we all want money fast but this will take time ive Believe and investing with real money now it will happen again so ive go in every week braking it down why i think and believe in ACB
- Highest high
- Lowest low
Block drawing- shows on day from HH TO LL
Its very basic and understanding but only used for set timeframes
30M 1H D W M
100X MACRO DOUBLE BOTTOM STOCK CHART!!ABC - Double bottom of the decade
Massive double bottom forming on what could be a 5 year long pattern at play .
This $7 region is also a high traffic area of market structure in which we have seen flip in to support and resistance over the years
Aurora Cannabis, Inc. is a cannabis company that produces, distributes, and sells its products. It also manufactures and distributes indoor growing systems as well as hemp-related cuisine.
ACB The return of Cannabis stocksCannabis stocks like Aurora Cannabis, and this is not the most bullish, have been beaten up in the past 6 months, while they kept delivering good results.
Aurora Cannabis Launched its First Medical CBD Product in Uruguay 2 days ago.
The CBD oil is available in 3% and 10% concentrations in pharmacies across the country.
My price target is the 12.6usd resistance.
ACB - SwingOtro que tengo en la mira, es ACB. Me gusta que llego a una buena zona en l aud está haciendo retest ahora mismo. Esperaría que rompa los 6.67 hacia la alza, un retest al 61% del fibo de la estructura en 15m. Ahí los price targets que me gustan, pero sobre todo incluí el RSI ya que en 4H se ve interesante
#MJ: Pot stocks bottomed?There's a big weekly down trend that had ran its course in pot stocks, and the daily chart is reversing here, odds are we can squeeze 10-11 times the risk if we go long here with a stop around 16.18, it is worth a shot with something between 0.25% and 2% risk in the trade. Up to you, how much you risk on it. I'm being conservative and sticking to a 0.25% max risk if the trade fails.
Cheers,
Ivan Labrie.
Added a bunch to $ACB today New target 10.27 for 43.64%$ACB Target 10.27 for 43.64%
I added quite heavily here today to bring my average down. This is it for a while… gonna let her run… Technicals look sexy…
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On the far right of the chart is my Average (Grey) Current Target (Green), and Next Level to add (Red) Percentage to target is from my average.
ONLY ADD at support levels & FIB levels… labeled
I start every position with .5 - 1% of my account and build from there as needed and as possible.
I am not your financial advisor. Watch my setups first before you jump in… My trade set ups work very well and they are for my personal reference and if you decide to trade them you do so at your own risk. I will gladly answer questions to the best of my knowledge but ultimately the risk is on you. I will update targets as needed.
GL and happy trading.
Canopy Getting HammeredCanopy Growth (WEED) is getting absolutely hammered. We're down over 7% this month after crashing over 20% in July. Imo, the stock is going to blow up when the US finally decriminalizes Cannabis. The opportunities for hemp are endless and of course the recreational market for drinks, bud, and all the rest is booming in legal markets. If I see a sub 20's print, I'll start accumulating. We have a solid floor around 12.90...